Sobha Developers to invest Rs 250 crore in Pune project

The company has targeted to develop over one million square feet of area primarily in residential space- With total investment of Rs 250 croreand will consist of three and four BHK apartments, duplex and a commercial lifestyle club

Pune: Bangalore-based real estate player Sobha Developers is expanding its footprints in Pune by developing new projects and tie ups with smaller developers here. The company has targeted to develop over one million square feet of area primarily in residential space.

After developing three projects in eastern side of Pune, it is coming up with projects in the western suburb’s skyline indicating the rising demand of high end luxurious homes at Kothrud in Pune. To start of with, Sobha Developers is coming up with the total investment of Rs 250 crore, the project will consist of three and four BHK apartments, duplex and a commercial lifestyle club.

“Our aim is to develop the company as one of the most trusted real estate player of Pune city. With three projects, we have built a strong reputation in city. Our plan is to develop over one million square feet of area in residential space in Pune in the next few years. We are also looking for joint ventures with local land owners for the projects. The Kothrud would be our fourth project in the city. We intend to reach million square feet sales milestone at the earliest. Development of that will also go hand in hand., said Surajit Chanda, Regional head, Sobha Developers. Since its foray into Pune market in 2007, the company has invested Rs 300 crore in Pune. Our aim is to at 20- 25 per cent on year-on-year basis.

Sobha Developers claims to be India’s largest and the only real estate company to have a backward integration model which enables the company to manufacture all the key components used in construction in house; from concrete blocks to aluminum windows. It includes an interiors division with one of India’s largest woodworking factories, a metal works and glazing factory, and a concrete products factory.

Commenting on luxury home market of Pune, he said, “There is potential market for luxury homes in Pune. With increasing income levels, global exposure and higher aspirations has led to a rise in demand for high quality and premium housing in Pune. The city is consistently recording a steady demand for high-end luxury houses & premium category apartments. A premium home buyer today demands homes that are equipped with international standard amenities and lifestyle. A luxury home today is the one that complements the premium lifestyle. It is a combination of chic interiors and world class amenities." Earlier, the company had developed Infosys facility in Hinjewadi in 2007 in Pune.

"As a company, we are constantly reinventing the wheel to redefine luxury by developing innovative projects and we strongly believe in providing the best living spaces to our customers. We are excited to introduce one of the most luxurious living experiences in Pune which would symbolize upper crest living in the city. This property would bring together exclusivity, space and luxury under one roof. Pune is emerging as one of the top cities promising high growth potential and we plan to create crowning landmarks of modern Pune with a perfect blend of aesthetics, beauty & engineering," he adds.

On a consolidated basis, the company has registered 7.1 per cent rise in net profit at Rs 57 crore in Q1 of the current financial year. The company earned a PBT of Rs 90.3 crore, recording a growth of 26 per cent over the same period of last fiscal. Total turnover was Rs 583 crore during the first quarter of FY 2014-15.

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